Business Model and Idea Generation
As an entrepreneur and a business mentor coach, I am often confronted
with the question “How do I turn my product or service idea into a viable
business?”. This was the same equation I also have to battle with a decade ago
when starting and growing my own business. Business Model and Idea Generation
is key to every business project success if seriously considered.
Business Model
A business model is a plan for the successful operation of a
business, sources of revenue, customer base, products, and details of
financing.
- Innovation and strategy should be considered in every stage of start up business model.
- Time, space, money and inventory should be a priority.
- Think big, start small.
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| Business Model |
Idea Generation
- Every successful idea will in a great measure depend on your passion and the opportunities for the idea.
- Everyone need a great supporting systems or team to build a successful business.
- You have to work on your business not in it.
- You need to have a short, medium and long term goal and vision for your business model.
- Research is key.
Brainstorming Idea
- Brainstorming on a business ideas should be the first step followed by the model to appy.
- Next step is to take action steps mentioned above and regular review of plans and stratagy.
Reflection
As Mark
Zuckerberg's put it in his Commencement
address at Harvard, "Ideas
don't come out fully formed. They only become clear as you work on them. You
just have to get started."
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